Milan has a bigger stadium, better known legends, play in an affluent city, and has great history and traditions.
Liverpool is worth billions more , has more fans, and is better on the pitch. They also have the history and traditions.
It’s a tough question to answer.
Few criteria when arguing about who’s the biggest club, but for me, fanbase and global fame are the most important.
Who is more well known in India, America, or Africa?
Liverpool is more globally famous than Milan, but Real Madrid, Barcelona, and Manchester United are the 3 biggest.